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Vermillion Q1 Revenues Down 47 Percent

NEW YORK (GenomeWeb) – Vermillion reported after the close of the market on Monday a 47 percent decline in first quarter revenues

For the three months ended March 31, the Austin, Texas-based cancer diagnostics firm said that total revenues fell to $505,000 from $951,000 in the year-ago quarter.

Product revenues were $505,000, down from $635,000 in Q1 2015. As Vermillion noted, product revenue in Q1 2015 included the one-time recognition of $163,000 in deferred product revenue upon the signing of its commercial agreement with Quest Diagnostics in March 2015.

The company posted no license revenues in Q1 2016 compared to $316,000 in license revenue in Q1 2015.

Product revenue for the recently completed quarter was derived from 2,265 OVA1 tests performed, down from 3,783 OVA1 tests performed in Q1 2015, the firm said.

For Q1 2016 Vermillion had a net loss of $4.9 million, or $.09 per share, compared to a net loss of $4.1 million, or $.10 per share, in Q1 2015.

Its R&D expenses narrowed 15 percent year over year to $934,000 from $1.1 million, while its SG&A spending rose 9 percent to $3.9 million from $3.6 million.

The company finished the quarter with $13.1 million in cash and cash equivalents.

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